Great Harvest Maeta Updates Efforts to Lift Audit Disclaimer, Focuses on Bond Restructuring, Funding Support and Operational Gains

Bulletin Express
Aug 26

Great Harvest Maeta Holdings Limited released a periodical update on 26 August 2026 detailing measures taken since 26 May 2026 to address the auditor’s Disclaimer of Opinion on its FY 2026 financial statements and to reinforce liquidity.

The Group is continuing negotiations with the holder of its Top Build Convertible Bonds, examining options such as bond restructuring, partial asset-based settlement and maturity extensions. Discussions remain in progress.

To underpin short-term liquidity, the Company highlighted a deed of funding undertakings signed on 30 September 2025 with ultimate holding company Ablaze Rich, Mr. Yan and Ms. Lam. The arrangement permits the Group to request funding at any time within a 24-month window, up to a combined limit of USD 30.00 million. No drawdowns have been made to date, and the commitment will lapse once equivalent long-term external financing is secured or upon expiry of the two-year period.

Management is also pursuing fresh bank loans and alternative capital-market instruments, including potential share placements and corporate bond issues, to refinance existing obligations—specifically the redemption amount of the Top Build Convertible Bonds—and to cover future operating and capital expenditures.

Operationally, the Group is intensifying efficiency measures in its dry-bulk chartering business, targeting stronger cash generation and tighter cost control to cushion market volatility and support working-capital needs.

Great Harvest Maeta will continue issuing updates every three months until the Disclaimer of Opinion is fully resolved.

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